Q3 2014 Outlook: Moderation is a Virtue

Q3 2014 Outlook: Moderation is a Virtue

“Moderation is a virtue only in those who are thought to have an alternative,” so says Henry Kissinger. Perhaps it is this thought that some global central banks took to heart in recent years.

Hard Times, Easy Money, & Sleeping Well

We thought it timely to revisit our thoughtful white paper – Hard Times, Easy Money, & Sleeping Well – that we published exactly two years ago to summarize our forward looking views and provide for additional summer reading.

Weekly Update – 7/25/2014

In more recent time periods, macro-related news including GDP growth and PMI data have driven market sentiment and accordingly returns. At the mid-way point of the year, however, Q2 earnings have taken center stage. For this reason, we opted to substitute our weekly macro review with an update on earnings from both the broader market and our portfolio companies.

Weekly Update – 7/18/2014

Geopolitics continued to darken this week. Unrelated (hopefully) to the US stepping up sanctions against Russia this week for ongoing support of separatist aggression in the Ukraine, a Malaysia Air airliner was downed near the Russian/Ukraine border.

Weekly Update – 7/11/2014

The export from Portugal this week was not nearly as smooth and sweet as its typical libation. News that Banco Esprito Santo, the 5th largest lender in Portugal, might face losses on loans to its founding family’s related companies resparked Euro-area bank concerns.

Weekly Update – 7/3/2014

In the spirit of the upcoming holiday in the United States, we cannot help but think of a fireworks-related metaphor for the current equity markets. While we would love to say it has shot up like a bottle-rocket, or has been as spectacular as an aerial burst from a roman candle, it would be overstating it. No, the equity markets continue to act like a snake.